Ampal Mulls Purchase 400-Plus California Gas Sites

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Ampal Mulls Purchase 400-Plus California Gas Sites

HERZLIYA, Israel -- Ampal-American Israel Corp. is considering the purchase of 400 to 600 gas stations in California., according to a report by Globes Online, an Israeli business news site.

Looking to enter the U.S. market through the purchase of major oil company locations now on the block, the company may spend $150 million to $200 million on the retail fuel sites, the news organization reported.

Recent reports also revealed Ampal was in talks with Petro Group Ltd., an Israel-based holding company, to purchase its U.S. fuel operations, held by subsidiary GPM Investments, at a company value of $80 million. GPM owns a chain of 300-plus gas stations and convenience stores, operating as Fas Mart and Shore Stop, in Virginia, Delaware, Maryland, New Jersey, Pennsylvania, North Carolina, Tennessee, Connecticut and Rhode Island. A call to GPM Investments by CSNews Online for confirmation was not returned by press time.

Separately, Petro Group CEO Rami Greenbaum resigned, according to the report.

Ampal has tried for several months to expand its energy operations, which include primarily a 12.5 percent stake in gas supplier EMG, the report noted.

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